Monday’s need-to-know money news

Today’s top story: 6 tricks to kick credit card debt quicker. Also in the news: Why Millennials are good at saving but not investing, how to make Fed rate hikes work for you, and what Toys R Us closing means for shoppers.

6 Tricks to Kick Credit Card Debt Quicker
It doesn’t have to feel like torture.

Millennials Are Good at Saving. But Investing? Not So Much
What’s keeping Millennials away from the market.

How to Make Fed Rate Hikes Work for You
Give your savings account a boost.

What Toys ‘R’ Us closing means for shoppers
Use those gift cards ASAP.

Q&A: A husband’s death. A pile of bills. Now what?

Dear Liz: After my husband died, I was in shock and really not in my right mind for at least a year, but really more. During this time I didn’t pay attention to bills. Only the ones that were getting shut off got paid. Now I’m behind on several credit cards that I’ve had for years. I can’t keep up anymore, but I don’t know what to do.

Answer: It’s natural in your situation to be overwhelmed and not know where to start. Your first task should be determining if you can realistically pay what you owe.

If your unsecured personal debt — credit cards, medical bills, payday loans and personal loans — equals half or more of your income, then you may not be able to dig yourself out. If that’s the case, consider making appointments with a credit counselor and a bankruptcy attorney to review your options. You can get referrals from the National Foundation for Credit Counseling at www.nfcc.org or (800) 388-2227 and the National Assn. of Consumer Bankruptcy Attorneys at www.nacba.org.

Even if your debts don’t total half your income, you may find it helpful to discuss your situation with a credit counselor or an accredited financial counselor (referrals from the Assn. for Financial Counseling and Planning Education at www.afcpe.org). These counselors can review your situation and help you craft a plan to get your finances back on solid ground.

Social Security survivor benefits also can be a way to restore your financial stability, depending on your age. You can receive survivor benefits starting at age 60, or age 50 if you’re disabled, or at any age if you’re caring for your husband’s child if the child is younger than age 16 or disabled.

Applying for survivor benefits doesn’t preclude you from applying for your own retirement benefit later. You could take a widow’s benefit at 60 and then switch to your own benefit when it maxes out at age 70, if your own benefit would be larger at that point.

Thursday’s need-to-know money news

Today’s top story: 5 pieces of popular tax advice that are actually baloney. Also in the news: VW aims to plug into nostalgia with the electric bus, Social Security is underpaying thousands of widows and widowers, and 33% of Americans don’t have more savings than credit card debt.

5 Pieces of Popular Tax Advice That Are Actually Baloney
Popularity doesn’t make them true.

VW Aims to Plug Into Nostalgia With Electric Bus
We’re going back to the 60’s.

Social Security underpays thousands of widows and widowers
Claiming a larger benefit.

33% of Americans do not have more savings than credit card debt
A third of the country is in trouble.

Friday’s need-to-know money news

Today’s top story: What you can learn from the tax hike on Super Bowl players. Also in the news: 3 tactics to tame your credit card debt worries, could Bitcoin be the next legendary investment bubble, and six mistakes people make when hiring a financial advisor.

Super Bowl Players’ Tax Hike May Have a Lesson for You, Too
A look at Duty Days.

Tame Your Credit Card Debt Worries With 3 Tactics
Fight back against fear.

Is Bitcoin the Next Legendary Investment Bubble?
Crypto craziness.

Six Mistakes People Make When Hiring A Financial Advisor
What not to do.

Monday’s need-to-know money news

Today’s top story: 3 ways to invest in your career this week. Also in the news: How to pick stock investments, checking accounts for seniors, and using your emergency savings to pay off credit card debt.

3 Ways to Invest in Your Career This Week
Give your career a boost.

How to Pick Stock Investments
Choosing wisely.

Checking Accounts for Seniors
Know the perks.

Should You Pay Off Your Credit Card Debt With Your Emergency Savings?
Start making short-term sacrifices.

Thursday’s need-to-know money news

Today’s top story: What to do about the Fed rate hike. Also in the news: How to deal with credit card fraud, driverless cars, and how your credit card debt is costing you nearly $1000 a year.

Fed Rate Hike: Here’s What to Do
Don’t panic.

First Time Dealing With Credit Card Fraud? You Got This
Important steps to take.

Are Fully Self-Driving Cars Just Around the Corner?
Should we fear the driverless car?

Credit card debt is costing you nearly $1,000 per year
Interest piles up.

Wednesday’s need-to-know money news

Today’s top story: Costly subprime credit cards offer little help. Also in the news: Take charge of your credit score with your credit report, why you should consider a mortgage recast, and four ways to manage your credit card debt.

Costly Subprime Credit Cards Offer Little Help, NerdWallet Study Finds
Just digging a deeper hole.

If You Want a Good Credit Score, Read Your Credit Reports
Studying up.

Why You Should Consider a Mortgage Recast
Save on your monthly payment.

4 ways to manage your credit card debt
Getting it under control.

Q&A: What to do about heavy credit card debt

Dear Liz: I have a lot of credit card debt and am just able to make minimum payments. I feel like after doing this for four years now that I am not getting ahead. I will be 61 this summer and don’t have much saved for retirement. My rent keeps going up along with other expenses. I have an 11-year-old car that is in need of maintenance but don’t have the funds to do it. My question is, what would happen if I walk away from the credit card debt? Will I be facing garnishment?

Answer: Yes, you could be sued and face wage garnishment if you simply stopped paying your debts.

You could consider a debt management plan offered through a credit counselor, which could lower the interest rates you pay. You can get referrals from the National Foundation for Credit Counseling at www.nfcc.org. But you’d be making payments for the next five years or so, when you could be putting that cash toward your retirement.

A Chapter 7 bankruptcy, by contrast, would take a few months and legally erase your credit card debt to give you a fresh start. Bankruptcy is often the best of bad options when you can’t make progress on your debts. Consider meeting with both a credit counselor and a bankruptcy attorney so you understand all your options.

Monday’s need-to-know money news

Today’s top story: NerdWallet’s best credit card tips for April 2017. Also in the news: How one man dug out from $30K in debt, seniors are facing rising credit card debt, and should colleges require a financial literacy class?

NerdWallet’s Best Credit Card Tips for April 2017
The best cards for spring.

How One Man Dug Out From $30,000 in Debt
You can do it, too.

For Seniors, Rising Credit Card Debt Squeezes Tight
Medical debt is pushing seniors to the limit.

Should colleges require a financial literacy class?
Two experts weigh in.

Monday’s need-to-know money news

Today’s top story: 5 essential investing moves for Millennials. Also in the news: Why your tax refund is ideal for paying credit card debt, how to make sure retirement isn’t a drag, and why you need to do your homework before meeting with a financial advisor.

5 Essential Investing Moves for Millennials
Planning for the future.

Why Your Tax Refund Is Ideal for Paying Credit Card Debt
Use it wisely.

Retirement Can Be a Drag. Here’s How to Fix That
Making the most of it.

Before You Meet With A Personal Financial Advisor, Do Your Homework
Know who you’re dealing with.